- Fidelity’s Contrafund valued its stakes in SpaceX at $2.7 billion at the end of 2024, per filings.
- The mutual fund giant first invested in Elon Musk’s space company via its 2015 Series G.
- Fidelity invests in startups and large companies via dozens of mutual funds.
SpaceX’s valuation is soaring — at least according to one investment giant. Fidelity, which invests in startups and large companies alike via dozens of mutual funds, is now valuing its stakes in Elon Musk’s Space Exploration Technologies at $2.7 billion.
Fudelity’s SpaceX stakes — which include Class A and C shares in Fidelity’s Contrafund, as well as Series G, H, and N shares — were revealed in a December filing report published by the investment company at the end of January.
Cumulatively, this would make SpaceX the 11th largest holding in the $160 billion Contrafund, ahead of Visa, JPMorgan, and Broadcom. As it stands, SpaceX’s Series G shares are the 23rd largest holding in the fund.
Fidelity’s Contrafund first invested in SpaceX during its 2015 Series G funding round, which at the time valued the company at $12 billion, according to Wall Street Journal reports. The Contrafund paid $43,239,000 on January 20, 2015 for 558,215 shares, according to an annual report.
At the end of December 2024, the Contrafund valued those same 558,215 Series G shares at $1,032,697,750 — a whopping 2288% return over the span of a decade.
Given SpaceX’s $12 billion valuation at the time of its Series G fundraise in 2015, the Contrafund is now signaling SpaceX’s valuation to be north of $286 billion — which is larger than Bank of America, Coca-Cola, Chevron, and Salesforce.
In December, SpaceX was valued at $350 billion following a secondary share sale.
2024 was a banner year for Musk, who supported President Donald Trump’s reelection and has taken a leadership role in the Trump administration. Musk’s social media platform, X, has also provided a lucrative source of training data for his AI startup, xAI, which raised $6 billion in Series C funding in December.
Fidelity’s Contrafund has increased the value of its SpaceX stake during this time period: it valued the company’s Series G shares at $541.5 million in December 2023, according to an annual filing, and increased the value of those shares 15.5%, to $625 million, in June 2024, according to a semi-annual filing.
With those Series G shares valued at $1,032,697,750 at the end of December 2024, that’s a 65% increase from June and a 91% increase year over year.
Representatives for SpaceX and Elon Musk did not immediately respond to requests for comment.
